Has It Led to Greater Female Executive Participation?

GREATER FEMALE BOARD PARTICIPATION: HAS IT LED TO GREATER FEMALE EXECUTIVE PARTICIPATION?

GLOBAL VOICES OECD AUSTRALIAN YOUTH DELEGATION

MAGGIE YANG THE UNIVERSITY OF MELBOURNE’S FACULTY OF BUSINESS & ECONOMICS MAY 2013

www.globalvoices.org.au GLOBAL VOICES

Global Voices was established in February 2011 as a non-profit private company limited by guarantee through a grant from the British Council. We are now funded through partnerships with Australia’s leading universities, the corporate & philanthropic communities and Government.

We are based in Melbourne, with seven part-time team members all aged under-25. Our board of directors is chaired by The Honourable Peter Lindsay, a former Parliamentary Secretary for Defence.

Global Voices selects, funds, prepares and then coordinates delegations of Australia’s future leaders to a variety of major international events. We also run a domestic events program designed to bring Australia’s future leaders face-to-face with key international decision makers over a small, intimate working meal.

Our vision is where young Australians have an influence on the world stage.

Our mission is to create opportunities for young Australians to engage with international policy both at home and abroad.

ORGANISATION FOR ECONOMIC COOPERATION & DEVELOPMENT (OECD)

The Organisation for Economic Cooperation & Development is an international organisation comprising 34 countries which has the aim of improving the economic and social well-being of people around the world.

The OECD’s Annual Forum brings together a large range of stakeholders to discuss the most pressing issues on the international agenda. These stakeholders include high-level representatives from the private, public, and social sectors as well as academia and representatives from the OECD itself.

Notable speakers who will address this year’s forum include Anne-Marie Slaughter (Former State Department Director of Policy Planning, USA), Jens Stoltenberg (Prime Minister of Norway), Craig Emerson (Minister for Trade and Competitiveness, Australia) and Angel Gurría (Secretary-General of the OECD).

MAGGIE YANG

Maggie Yang, 20, is a Bachelor of Commerce student at The University of Melbourne’s Faculty of Business & Economics. She has previously worked as co-head of national financial operations for The Oaktree Foundation.

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Greater Female Board Participation: Has it led to greater female executive participation? Global Voices OECD Australian Youth Delegation Maggie Yang (The University of Melbourne Faculty of Business & Economics)

Abstract

Whether to implement a legislation-based quota around gender representation at the board level as a measure leading to greater gender equality is currently extremely topical in the Australian context. This paper aims to explore the correlation between women elected to the board and women promoted to executive teams for the top 20 publicly listed companies in Australia and further abroad in four other countries, and whether Norway's government-imposed quota has led to gender equality in uppermost management. The results indicate that rising numbers of female representation in the boardroom has not translated to the proportionate level of increases in executive management, indicating that despite affirmative results in certain consumer-facing industries, much can be learnt from other factors in paving the way for gender equality in executive leadership.

Recommendations

Currently, with heightened emphasis on the topical issue of promotion on merit and not promotion on the sole premises of gender, organisations need to ensure the growth of a pool of female candidates with the requisite expertise and skill set ready for board candidacy. Without a sustainable pool of female expertise, the following analysis will show that even legislatively regulated gender quotas for boards do not prompt a similar level of increase in the promotion of a proportionate number of female executives. Therefore, before mandating that a quota be implemented at the board level, Australian government needs to first focus on growing female talent nationally. This paper recommends that it be mandatory for all state-owned and public limited liability companies to, in their annual reports, disclose the percentage of male and female applicants and the percentages that were successful in gaining employment, as well as the percentages of male and female promotions throughout the levels of the organisation. In addition, mandatory disclosure of the organisation’s targets for both genders to be represented in executive management (or top two tiers of management), as well as policies for creating greater flexibility in work arrangements for women on parenting leave, in order to retain female talent within the firm.

Further work is also required to create national network of female executive talent, potentially with established mentoring organisations, in order to raise the profile of opportunities in executive management and board positions as well as providing support for women working up the levels of an organisation. Companies should also disclose the number of women from their organisation that are part of the executive mentoring network and their respective contributions. The growth in the pool of female talent equipped with the support, networks and expertise essential for board candidacy will create gradual flow-on effects as, with a greater number of female executives ageing and moving into board positions. Further research is required as to the costs of requiring mandatory disclosure, whether sanctions should be implemented as well as whether to build a partnership with an existing, established executive mentoring agency.

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Introduction

Within the Australian Stock Exchange, a quarter of the top 200 publicly listed companies have not elected a woman onto their corporate boards.1 Female representation at the board level is an extremely topical issue, with increasing calls for the Australian government to follow in the footsteps of Norway, France and Spain in implementing a legislation-based mandatory quota of women on corporate boards.2 As far back as March 2011, Quentin Bryce, the Australian Governor-General emphasised her support for the application of gender quotas to board participation.3

Studies have provided an evidential basis that gender balance on the board is linked to increases in sales and return on equity, with companies that have mixed gender executive committees exceeding all-male executive committees in the top-quartile companies by 56% on operating results.4 Particularly relevant to Australia is the warning in March 2013 from Tim Toohey, the chief economist at Goldman Sachs, that Australia is missing out on $195 billion Gross Domestic Product (GDP) by failing to close this gender gap.5 In addition, the increased presence of women in executive and boardroom roles provides more role models for young women, which builds greater confidence in their own abilities as well as provides more opportunities for mentorship from someone who has faced the same issues in their career progression.6

Nonetheless, quotas have also faced considerable opposition. One of the most prominent Australian women in an executive position, Gail Kelly, the CEO of Westpac Bank, reiterated her stance in April 2013 that quotas are not the answer to female representation on major corporate boards.7 There is also strong concern over women being promoted on the basis of gender rather than equal opportunity on the basis of merit, with recent terms such as ‘golden skirts’ coined in the wake of the Norwegian government’s legislation.8

This paper aims to examine the effects of government-imposed equilibrium in the form of mandated gender quotas in the boardroom and whether this type of legislation has led to greater gender equality and representation in executive management teams. In addition, this paper is interested in ascertaining the correlation between women’s representation on boards of the top firms and their

1 “Appointments to ASX 200 Boards”. Australian Institute of Company Directors. (04/03/2013). Retrieved from: http://www.companydirectors.com.au/Director-Resource-Centre/Governance-and-Director-Issues/Board- Diversity/Statistics 2 L Martin (2013, April 24), “A female PM is treated differently: Ita”, The Australian, retrieved from http://www.theaustralian.com.au/news/breaking-news/a-female-pm-is-treated-differently-ita/story-fn3dxiwe- 1226628774893 3 E Knight (2011, Mar 8), “Business boys' club won't change without a push”, The Sydney Morning Herald, retrieved from http://www.smh.com.au/opinion/society-and-culture/business-boys-club-wont-change-without-a-push-20110308- 1blwd.html 4 S Devillard, W Graven, E Lawson, R Paradise, & S Sancier-Sultan (2012), “Women Matter”, McKinsey & Company, retrieved from http://www.mckinsey.com/features/women_matter 5 A Ferguson (2013, Mar 9), “Gender gap costs country $195b, says economist”, The Sydney Morning Herald, retrieved from http://www.smh.com.au/national/gender-gap-costs-country-195b-says-economist-20130308-2fr2n.html 6 L Peacock (2012, April 14), “Women need role models who can juggle home and work life, says Rothschild MD Sian Westerman”, The Telegraph, retrieved from: http://www.telegraph.co.uk/finance/jobs/9203658/Women-need-role- models-who-can-juggle-home-and-work-life-says-Rothschild-MD-Sian-Westerman.html 7 S Lannin (2013, Mar 8), “Westpac chief Gail Kelly says quotas not answer to female representation”, ABC News, retrieved from http://www.abc.net.au/news/2013-03-08/westpac-chief-gail-kelly-says-quotas-not-answer-to/4561550 8 M Lewis (2011, July 1), “Most of the women who make up Norway's 'golden skirts' are non-execs”, The Guardian, retrieved from http://www.guardian.co.uk/business/2011/jul/01/norway-golden-skirt-quota-boardroom?intcmp=239

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presence on the firm’s executive management team. The analysis will be conducted both in Australia and looking further abroad to a purposeful sample selection of Germany, Norway, Canada, United States and the United Kingdom.

Analysis

Objectives and Assumptions

In formulating the framework for analysis, two key objectives were kept first and foremost: 1. Determining whether there is a correlation between the proportion of women on corporate boards and the proportion of women in executive management, in line with the argument that countries where more females are represented in the board are those with more women in senior management roles;9 and 2. Determining whether, in Norway, government imposed equilibrium of 40% women on corporate boards has translated over to actual equality within the workplace.

Three key assumptions were made in forming this framework for analysis: 3. The definition of gender equality as 40% female presence on corporate boards and within executive management. This assumption was extrapolated from the 40% female board membership quota requirement (for boards of over 10 members) enforced by the Norwegian government in November 2003 at all state-owned and privately owned public limited liability companies.10 4. In further defining gender equality specific to this paper, the level of females on board membership should approximate the level of females in executive management positions. This assumption was made on the basis that board membership requires executive expertise and specified set of skills specific to the industry in order to set the overarching strategy for an organisation. Therefore, if there is a mix of genders that are capable of laying out the vision and company direction, the implementation of the central strategy should prompt a similar gender mix within the executive team. Although there is no direct promotion between a company’s executive to its corporate board, Appendix 10 demonstrates that out of the female directors on ASX20, only one does not have a background in leadership in the corporate world. 5. The presence of females (up to 40%) in executive management would be indicative of a focus on promotion of women throughout the organisation, thereby forming another measurement for gender equality within the workplace.

Analysis Framework and Purposeful Sample Selection

In conducting the analysis, there was purposeful sample selection in order to provide insights into gender composition of boards and executive management between Norway, which has a legislative basis for mandatory levels of both genders on corporate boards, and a group of countries with softer regulatory regimes. With particular relevance to Australia, the Australian Securities Exchange (ASX) amended their Corporate Governance Principles and Recommendations so that ASX-listed companies would, in their annual reports, disclose achievements against gender objectives set by

9 S Terjsen & V Singh (2008), “Female Presence on Corporate Boards: A Multi-Country Study of Environmental Context”, Journal of Business Ethics, 83, 55 – 63. 10 “Women on Boards: The Inside Story on Norway’s 40% Target”, European Professional Women’s Network (N.D.), retrieved from: http://www.europeanpwn.net/index.php?article_id=150 Page 4

the board, as well as the proportion of women in senior management and wider company roles.11 As this is a recommendation, sanctions were not imposed for failure to disclose.

There was also purposeful selection of samples in terms of countries and companies under analysis. Canada was chosen for its similarity with Australia in terms of Gross Domestic Product per capita, economic structures (primary production sectors),12 presence of constitutional monarchy and similarity of Western culture. The United States of America, the United Kingdom and Germany were chosen for both their geographical spread as well as their major stock exchange equivalents to the ASX, which were all included in the top ten stock exchanges in the world by market capitalisation in 2011 (Appendix 1). These include the NASDAQ and New York Stock Exchange, the London Exchange and the Börsen AG respectively, and selected for comparability of public limited liability companies with their Norwegian counterparts. In particular Germany was chosen for its significantly different culture (relative to other industrialised nations), for its election of a female as the Chancellor of Germany and for the national party’s call in April 2013 for a legally binding quota of 30% women in boardrooms starting in 2020.13

The top ten companies by market capitalisation (or by profit figures, where the former was not readily available) from each country was elected as the combined influential power of these transnational companies lead the globalisation of business practises, knowledge and revolution form a significant impact on many aspects of working culture, even just looking at the number of their employees.14 The names of all corporate board members and executive management members listed on their respective websites were listed. The proportion of females, designated so by either a gendered name, use of gendered pronoun or title (she/her/Ms) or a photograph, were calculated for each company (Appendix 2) and then represented graphically (Appendix 3) by country as well as overall (Appendix 4). Companies that were dual-listed (Rio Tinto and BHP Billiton) were only counted once, under the country where their registered office was located (UK and Australia respectively).

The proportion of females on corporate boards from 2006 financial year to 2010 financial year were extracted for a sample of eight financial institutions on the current ASX 20 list for greater insight into the historical Australian trends (Appendix 6). The proportion of women in the boardroom and on executive teams for these eight Australian financial institutions were then compared to financial institutions specifically in Norway and Canada for greater comparability of data and to mitigate impact of other environmental factors within other industries (Appendix 5). Lastly, the differences between the proportion of female membership on corporate boards and in executive teams were calculated and represented graphically for all countries (Appendix 7) and for Australian, Norwegian and Canadian financial institutions specifically (Appendix 8), excluding companies with no female presence in their topmost management.

11 “Improving gender diversity”, Australian Securities Exchange (09/2012), retrieved from: http://www.asx.com.au/resources/listed-at-asx/gender-diversity.htm 12 G Stevens (2009), “Australia and Canada – Comparing Notes on Recent Experiences”, retrieved from: http://www.rba.gov.au/speeches/2009/sp-gov-190509.html 13 M Eddy (2013, April 18), “Merkel Concedes on Quotas for Women”, The New York Times, retrieved from http://www.nytimes.com/2013/04/19/business/global/merkel-concedes-on-quotas-for-women.html?pagewanted=1&_r=1 14 T Keys & T Malnight (N.D.), “Corporate Clout: The Influence of the World’s Largest 100 Economic Entities”, retrieved from: http://www.globaltrends.com/knowledge-center/features/shapers-and-influencers/66-corporate-clout-the- influence-of-the-worlds-largest-100-economic-entities Page 5

It should be noted that ‘executive management team’ was taken to mean the team listed by the company itself on their website. Therefore, the framing of the team as ‘executive’ bear the hallmarks of the company views in what they perceived to be their uppermost level of management.

Findings and Results

Looking to the first key objective of the paper in relation to Australia (Appendix 3) and the ASX Corporate Governance allusion to boards setting gender objectives for the organisation, there does appear to be a minor degree of correlation between the levels of female board membership and executive management membership. This is evidenced in 35% of the ASX 20 companies in the analysis displaying executive management levels having exceeded or are approximately equal to (within 5%) to the levels of membership displayed in their corporate boards. Nonetheless, this is not the overwhelming majority. Three companies listed in the ASX 20 – Origin Energy Ltd, Wesfarmers Ltd and Woodside Petroleum Ltd – had 22%, 25% and 22% (respectively) females on their board, yet did not have a female in their self-defined executive team.

Of especial note is the fact that Origin Energy Ltd and Woodside Petroleum Ltd had less than ten- member boards and executive teams, which were given more leniency and leeway under the Norwegian legislation regulating quotas of females on corporate boards (33 – 50% board membership, extrapolated in this instance to executive membership).15 However, Wesfarmers Ltd has twelve board members, three of whom are female; yet, they do not display corresponding numbers in their executive management, with 14 male members. Further augmenting the analysis conducted for this paper is the data from the Australian Bureau of Statistics, whose Australian Census of Women in Leadership released in December 2012 show that for the past 10 years in which the census has been run, despite the increase in the number of female membership on corporate boards, also shown specifically for financial institutions in Appendix 5 graph, “there has been very little change in the number of women in executive ranks”.16 Therefore, within Australia, there have been limited causality effects from increases in board membership to increases in executive management, indicating that greater emphasis should be placed on female presence at the uppermost level of an organisation. This is despite common perceptions that the presence of more women on boards has an affirmative effect on female executive membership within corporate firms.

Looking further afield, the correlation continues with Germany and the UK. The majority of the companies under analysis display proportionately higher levels of female presence on their corporate boards when compared to Australia, yet out of the top 10 companies from each country, four to five companies (just under half) from each country have an all-male executive management team. The contrast is highlighted in the Appendix 7 graph, which showcases the difference in the proportion of females on corporate boards and executive teams for each company, segregated by region. In the top ten companies from Germany (listed on the Börsen AG), discounting the four companies with all-male executive teams, German companies show a larger difference between the percentage of females elected to their corporate board and the percentage promoted to their executive management.

The correlation is noticeably weaker in Norway as more Norwegian women attain top positions in the public sector, law and government before moving onto corporate boards, with many female

15 “Women on Boards: The Inside Story on Norway’s 40% Target”, European Professional Women’s Network. 16 “4102.0 Australian Social Trends, Dec 2012”, Australian Bureau of Statistics (2012), retrieved from: http://www.abs.gov.au/AUSSTATS/[email protected]/Lookup/4102.0Main+Features30Dec+2012 Page 6

politicians serving on boards.17 Therefore, in investigating the second key objective of this paper, the analysis for gender equality was reframed to determine whether, over the seven years since implementation, government-imposed equilibrium in the boardroom has engendered greater correlation between female board participation and female executive membership as a measurement of gender equality within corporate organisations.

It was observed that despite the government-imposed equilibrium of 40% females on corporate boards, this has not seen a greater number of females promoted to executive management to meet the rising demand for female candidates ready for board nominations. In actuality, approximately seven years after the full implementation of their affirmative action quota policy in December 2005, Fred Olsen Energy, which sits in the top 10 Norwegian firms (listed on the Oslo Stock Exchange), has not promoted any females to their executive management. Therefore, the sharp difference indicates that, for the Norwegian government and under the definition of equality proposed in the assumptions of this paper, the government-imposed equilibrium has not led to actual gender equality within Norwegian workplaces, given the influential power of the top ten Norwegian companies on the labour market.

Chosen specifically for its similarities to Australia, thereby mitigating to an extent the different environmental factors at play in other countries, the top ten Canadian companies (listed on the Toronto Stock Exchange) demonstrate a different picture. When looking at the Appendix 4 and Appendix 7 graphs, Canada displays the smallest differences in proportion of women in their executive teams comparatively to their proportion of women on their corporate boards, and has the smallest number of companies without female presence on their topmost management. This trend is also displayed, to a lesser extent, by the American companies (listed on NASDAQ or New York Stock Exchange). Consequently, Canada is closer to the definition of equality proposed in the assumptions of this paper than Norway; yet it has done so without the implementation of legislation for mandatory quotas of both genders on corporate boards.

Studies show that there is an increased chance that women are more likely to be on the board of firms in consumer-facing industries along with higher proportions of women in the boardroom if there is a larger share of women employed in the focal firms industry.18 Therefore, financial institutions were specifically extracted as, statistically, they employ relatively greater numbers of women due to their customer-facing services. Hence, more precise examination was conducted of the financial institutions contained in the analysed listed firms for Australia, Norway and Canada in Appendix 8. The difference in proportion of female board participation and female executive membership for Australia, consistent with earlier observations, sits between the level of differences exhibited by Norway and Canada.

However, when banks are specifically extracted from financial institutions for even closer comparability of data (Appendix 9), apart from the large difference exhibited by Westpac Bank, Australia is, in actuality, displaying most affirmative percentage differences in proportion of females in the banking boardrooms and in their uppermost management. When looking at historical proportions of women on Australian banks’ corporate boards (Appendix 6), the slight increases have

17 A Sweigart (2012), “Women on Board for Change: The Norway Model of Boardroom Quotas As a Tool For Progress in the United States and Canada”, Northwestern Journal of International Law & Business, 32(4) 81A – 105A 18 “Does Gender Diversity Improve Performance?”, Credit Suisse (2012), retrieved from: https://infocus.credit- suisse.com/app/article/index.cfm?fuseaction=OpenArticle&aoid=360157&lang=EN

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been displayed, even taking into account the almost cyclical nature of board appointments. Therefore, it could be extrapolated to conclude that Australia has taken affirmative steps to close the gender gap on executive management in consumer-facing industries. However, when observing the overall environment of its ASX 20 companies, there is significant room for potential learning from Canada on extending the steps to increase correlation between women on boards and in executive leaderships.

Limitations

This paper acknowledges that there are several limitations of its analysis:  Different industries with different statistics of female applicants and employees and different environmental factors existing in each country were not controlled for. This paper aimed to mitigate the former with specific comparison of financial institutions and the latter with the direct comparison of Australia with Canada).  Only the top 10 companies from each country included in the analysis, which several studies have shown to be more likely to have a higher proportion of female directors, whereas it could pose a different picture if the top 500 companies were chosen, and the scope of the paper widened to include more countries in the OECD, in particular other countries which have legislated a gender quota for corporate boards.  Longitudinal studies of all the countries under consideration would enable an investigation, over time, of whether more females are moving into executive roles and in which countries. Given that it has been less than a decade since the Norwegian government’s boardroom quota as well as the fact that many people move into board positions later in life, it may still be another decade before the true effects of the quota emerge.

Conclusion

This paper set out to investigate the presence of a correlation between women on corporate boards and women in executive management, as well as the role of government-imposed equilibrium of mandated gender quotas in relation to corporate boards. The analysis shows that, within Australia, the number of women on corporate boards often do not correspond to the same level of females in the topmost management of an organisation, with three companies in the ASX 20 companies list electing a quarter of their board to be female whilst promoting an all-male executive team. This lack of correlation between board percentages and executive percentages also supersedes geographical location, appearing in both Germany and the UK, to varying degrees.

Norway’s government-imposed gender quota on corporate boards, which set the equilibrium of women at 40% of the board for boards with over ten members, has an even sharper contrast between the proportion of women on their boards and in their management teams, with one of the top ten companies promoting an all-male executives group. On the other hand, Canada (and to a lesser extent, the United States), chosen for its strong cultural and economic similarities to Australia in order to mitigate a number of other factors at play in determining board gender compositions, has markedly smaller percentage differences. Therefore, under the definition of equality proposed by the assumptions of this paper, Canada has attained greater gender equality in their organisations with proportionate promotion of females, despite the lack of a legislative regulation. Canada’s ability to outperform Norway in this respect indicates the presence of other factors that can achieve the same goal of gender equality within the workplace without the use of artificial government-imposed

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equilibrium.

Nonetheless, it should be noted that this is looking at all the industries covered within the top firms of each country of analysis; when looking specifically at banks in Australia, Norway and Canada, it is in fact Australia that exhibits the most affirmative levels of female board participation and executive team membership. Therefore, Australia is exhibiting qualities in certain consumer-facing industries that are gaining ground on the goal of gender equality in executive leadership, yet overall, has much to learn from Canada. This learning may come in the form of initiatives and workplace policies to promote greater correlation between women serving on corporate boards to set the strategic vision for a company and women within executive leadership driving the implementation throughout the organisation.

This study suggests a number of avenues for further research, including the extension to more OECD countries and incorporating environmental and industry-specific variables. In addition, variables such as whether the country has a stakeholder-model or shareholder model for their corporate boards would also be further areas of investigation, as different types of countries have different skills regimes, which in turn impacts on the female professional pipeline and it also impacts on the specifics of board structure across these countries.

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Devillard, S., Graven, W., Lawson, E., Paradise, R., & Sancier-Sultan, S. (2012). “Women Matter.” McKinsey & Company. Retrieved from http://www.mckinsey.com/features/women_matter

“Does Gender Diversity Improve Performance?” Credit Suisse. (2012). Retrieved from: https://infocus.credit- suisse.com/app/article/index.cfm?fuseaction=OpenArticle&aoid=360157&lang=EN

Eddy, M. (2013, April 18). “Merkel Concedes on Quotas for Women.” The New York Times. Retrieved from http://www.nytimes.com/2013/04/19/business/global/merkel-concedes-on-quotas-for- women.html?pagewanted=1&_r=1

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“Improving gender diversity”. Australian Securities Exchange. (09/2012). Retrieved from: http://www.asx.com.au/resources/listed-at-asx/gender-diversity.htm

Keys, T. & Malnight, T. (N.D.) “Corporate Clout: The Influence of the World’s Largest 100 Economic Entities”. Retrieved from: http://www.globaltrends.com/knowledge-center/features/shapers-and- influencers/66-corporate-clout-the-influence-of-the-worlds-largest-100-economic-entities

Knight, E. (2011, Mar 8). “Business boys' club won't change without a push.” The Sydney Morning Herald. Retrieved from http://www.smh.com.au/opinion/society-and-culture/business-boys-club- wont-change-without-a-push-20110308-1blwd.html

Lannin, S. (2013, Mar 8). “Westpac chief Gail Kelly says quotas not answer to female representation.” ABC News. Retrieved from http://www.abc.net.au/news/2013-03-08/westpac- chief-gail-kelly-says-quotas-not-answer-to/4561550

Lewis, M. (2011, July 1). “Most of the women who make up Norway's 'golden skirts' are non-execs.” The Guardian. Retrieved from http://www.guardian.co.uk/business/2011/jul/01/norway-golden- skirt-quota-boardroom?intcmp=239

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Sweigart, A. (2012). “Women on Board for Change: The Norway Model of Boardroom Quotas As a Tool For Progress in the United States and Canada.” Northwestern Journal of International Law & Business. 32(4) 81A – 105A

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Appendix 1

Ten largest stock exchanges in the world by market capitalization in 2011: 1. New York Stock Exchange (NYSE) - Headquartered in New York City. Market Capitalization (2011, USD Billions) – 14,242; Trade Value (2011, USD Billions) – 20,161. 2. NASDAQ OMX - Headquartered in New York City. Market Capitalization (2011, USD Billions) - 4,687; Trade Value (2011, USD Billions) – 13,552. 3. Tokyo Stock Exchange - Headquartered in Tokyo. Market Capitalization (2011, USD Billions) – 3,325; Trade Value (2011, USD Billions) – 3,972. 4. London Stock Exchange - Headquartered in London. Market Capitalization (2011, USD Billions) – 3,266; Trade Value (2011, USD Billions) – 2,871. 5. Shanghai Stock Exchange - Headquartered in Shanghai. Market Capitalization (2011, USD Billions) – 2,357; Trade Value (2011, USD Billions) – 3,658. 6. Hong Kong Stock Exchange - Headquartered in Hong Kong. Market Capitalization (2011, USD Billions) – 2,258; Trade Value (2011, USD Billions) – 1,447. 7. Toronto Stock Exchange - Headquartered in Toronto. Market Capitalization (2011, USD Billions) – 1,912; Trade Value (2011, USD Billions) – 1,542. 8. BM&F Bovespa - Headquartered in Sao Paulo. Market Capitalization (2011, USD Billions) – 1,229; Trade Value (2011, USD Billions) – 931. 9. Australian Securities Exchange - Headquartered in Sydney. Market Capitalization (2011, USD Billions) – 1,198; Trade Value (2011, USD Billions) – 1,197. 10. Deutsche Börse - Headquartered in Frankfurt. Market Capitalization (2011, USD Billions) – 1,185; Trade Value (2011, USD Billions) – 1,758.

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Greater female board participation: Has it led to greater female executive participation? Global Voices OECD Australian Youth Delegation Maggie Yang (The University of Melbourne)

Appendix 2

No. board No. of Propfem No. of Propfem directors fem board No. exec committee fem mgmt. AMP Limited 10 3 0.3 11 1 0.090909091 Australia and New Zealand Banking Group Limited 9 2 0.222222222 11 3 0.272727273 BHP Billiton Ltd 13 2 0.153846154 8 1 0.125 Brambles Ltd 11 2 0.181818182 8 1 0.125 Commonwealth Bank of Australia 9 2 0.222222222 13 3 0.230769231 CSL Ltd 9 1 0.111111111 10 3 0.3 Macquarie Group Ltd 11 3 0.272727273 11 2 0.181818182 National Australia Bank Ltd 12 2 0.166666667 10 2 0.2 Newcrest Mining Ltd 10 1 0.1 12 2 0.166666667 Origin Energy Ltd 9 2 0.222222222 7 0 0 QBE Insurance Group Ltd 7 3 0.428571429 9 1 0.111111111 Santos Ltd 9 1 0.111111111 12 2 0.166666667 Suncorp Group Ltd 9 2 0.222222222 10 1 0.1 Telstra Corporation Ltd 9 3 0.333333333 15 3 0.2 Westpac Banking Corporation 9 3 0.333333333 11 2 0.181818182 Westfield Group 12 3 0.25 13 1 0.076923077 Wesfarmers Ltd 12 3 0.25 14 0 0 Woolworths Ltd 11 3 0.272727273 10 2 0.2 Woodside Petroleum Ltd 9 2 0.222222222 9 0 0 E.ON SE 12 4 0.333333333 6 1 0.166666667 Deutsche Bank AG 20 7 0.35 18 0 0

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Allianz SE 12 4 0.333333333 11 1 0.090909091 RWE AG 20 3 0.15 4 0 0 Siemens AG 20 5 0.25 10 2 0.2 SAP AG 16 4 0.25 7 1 0.142857143 HeidelbergCement AG 12 1 0.083333333 6 0 0 BASF SE 12 2 0.166666667 8 1 0.125 Bayer AG 21 3 0.142857143 5 0 0 K + S 15 1 0.066666667 5 0 0 Statoil 11 4 0.363636364 9 1 0.111111111 Telenor 11 4 0.363636364 9 2 0.222222222 DnB NOR 11 5 0.454545455 13 4 0.307692308 Norsk Hydro 11 3 0.272727273 8 2 0.25 Yara International 7 3 0.428571429 9 1 0.111111111 Orkla 10 4 0.4 11 1 0.090909091 Aker Solutions 11 5 0.454545455 19 3 0.157894737 Storebrand 9 4 0.444444444 9 2 0.222222222 Fred. Olsen Energy 5 2 0.4 6 0 0 SpareBank 1 SR-Bank 8 4 0.5 7 2 0.285714286 Royal Bank of Canada 17 5 0.294117647 8 2 0.25 Toronto-Dominion Bank 14 5 0.357142857 11 3 0.272727273 Suncor Energy 12 2 0.166666667 11 1 0.090909091 Bank of Nova Scotia 13 4 0.307692308 25 9 0.36 Canadian Natural Resources 12 1 0.083333333 55 4 0.072727273 Barrick Gold 13 1 0.076923077 10 1 0.1 Potash Corporation of Saskatchewan 13 2 0.153846154 14 2 0.142857143 Imperial Oil 7 2 0.285714286 5 0 0

Page 14

Goldcorp Inc 11 2 0.181818182 15 4 0.266666667 Bank of Montreal 13 4 0.307692308 20 5 0.25 Exxon Mobil Corp. 12 2 0.166666667 4 0 0 Apple Inc 8 1 0.125 10 0 0 Berkshire Hathaway Inc 13 3 0.230769231 9 2 0.222222222 Wal-Mark Stores Inc 17 4 0.235294118 37 9 0.243243243 Google inc 10 3 0.3 21 3 0.142857143 Microsoft Corporation 9 1 0.111111111 16 3 0.1875 General Electric Co 19 4 0.210526316 38 7 0.184210526 Johnson & Johnson 13 3 0.230769231 6 1 0.166666667 International Business Machines Corp 13 3 0.230769231 20 5 0.25 Chevron Corporation 11 2 0.181818182 18 3 0.166666667 Royal Dutch Shell 14 2 0.142857143 8 0 0 HSBC Holdings 19 4 0.210526316 12 3 0.25 Vodafone Group 13 2 0.153846154 12 1 0.083333333 BP 14 2 0.142857143 11 0 0 Rio Tinto Ltd 12 2 0.166666667 8 2 0.25 GlaxoSmithKline 16 5 0.3125 15 3 0.2 Unilever 12 3 0.25 18 2 0.111111111 British American Tobacco 11 3 0.272727273 11 0 0 BG Group 13 2 0.153846154 11 0 0

Page 15

Appendix 3

Page 16

TORONTO STOCK EXCHANGE LONDON STOCK EXCHANGE 0.4 0.35 0.35 0.3 0.3 0.25 0.25 0.2 0.2 0.15 0.15 0.1 0.1 0.05 Propfem board 0.05 Propfem board 0 0 Propfem mgmt. Propfem mgmt.

Page 17

DEUTSCHE BORSEN AG ASX 0.4 0.45 0.35 0.4 0.35 0.3 0.3 0.25 0.25 0.2 0.2 0.15 0.15 0.1 0.1 Propfem board 0.05 Propfem board 0.05 0 0 Propfem mgmt. Propfem mgmt.

Page 18

Page 19

Appendix 4

Composite Data 0.6

0.5

0.4

0.3

0.2

0.1 Propfem board Propfem mgmt.

K + S + K

Bank

Orkla

SAP AG SAP

Telenor

BASF SE BASF

RWE AG RWE

Apple Inc Apple

Storebrand

Imperial Oil Imperial

Barrick Gold Barrick

NorskHydro

AMP Limited AMP

HSBC Holdings HSBC

DominionBank

BHP BillitonLtd BHP

Mark Stores Inc

Wesfarmers Wesfarmers Ltd

GlaxoSmithKline

Bank of Montreal of Bank

Deutsche Bank Deutsche AG

SuncorpGroupLtd

Johnson &Johnson Johnson

Bank of Nova of BankScotia

Wal

Newcrest Newcrest MiningLtd

Chevron Corporation Chevron

SpareBank 1 SR

Macquarie GroupMacquarieLtd

Microsoft CorporationMicrosoft

Toronto

Woodside Petroleum Ltd

QBE InsuranceQBEGroup Ltd

British American American British Tobacco Westpac Westpac BankingCorporation

Commonwealth Commonwealth Bank Australia of Page 20

Appendix 5

Financial Institutions - Australia, Norway, Canada 0.6

0.5

0.4

0.3

0.2

0.1 Propfem board 0 Propfem mgmt.

Page 21

Appendix 6

ASX 0.45 0.4 0.35 0.3 0.25 0.2 0.15 0.1 0.05 Propfem board 0 Propfem mgmt.

Page 22

ASX Financial Groups (Historical and Current data) 0.45 0.4 0.35 0.3 0.25 0.2 0.15 0.1 0.05

CBA06 CBA07 CBA08 CBA09 CBA10 CBA12

ANZ06 ANZ07 ANZ08 ANZ09 ANZ10 ANZ12

QBE06 QBE07 QBE08 QBE09 QBE10 QBE12

SUN06 SUN07 SUN08 SUN09 SUN10 SUN12

NAB06 NAB07 NAB08 NAB09 NAB10 NAB12

AMP06 AMP07 AMP08 AMP09 AMP10 AMP12

WBC06 WBC07 WBC08 WBC09 WBC10 WBC12

WDC06 WDC07 WDC08 WDC09 WDC10 WDC12

Page 23

Appendix 7

Diff in propfem 0.4

0.3

0.2

0.1

… …

…

Bank

Orkla

Statoil CSL LtdCSL

-0.1 AG SAP

Telenor

BASF SE BASF

E.ONSE

Unilever

DnB NOR DnB

AllianzSE

SantosLtd

Google inc Google

Storebrand

Siemens AG Siemens

Barrick Gold Barrick

Norsk HydroNorsk

Rio TintoLtd Rio

Goldcorp IncGoldcorp

AMP Limited AMP

Brambles Brambles Ltd

Suncor EnergySuncor

Aker Solutions Aker

HSBC Holdings HSBC DominionBank

-0.2 BillitonLtd BHP

Mark Stores MarkStores Inc

WoolworthsLtd

GlaxoSmithKline

Westfield Westfield Group

Vodafone GroupVodafone

Westpac Westpac Banking

Bank of Montreal of Bank

Yara International Yara

SuncorpGroupLtd

General Electric General Co

Johnson &Johnson Johnson

Bank of Nova of BankScotia

Wal

Newcrest Newcrest MiningLtd

Chevron Corporation Chevron

SpareBank 1 SR 1 SpareBank

Macquarie GroupMacquarieLtd

Royal BankRoyal Canada of

Potash CorporationPotash of

International Business InternationalBusiness Microsoft CorporationMicrosoft

-0.3 Corporation Telstra Ltd

Berkshire Berkshire HathawayInc

Commonwealth Commonwealth Bank of

Toronto

QBE InsuranceQBEGroup Ltd

Australia andAustralia Zealand New

National Australia NationalBank Ltd Canadian NaturalCanadianResources

Page 24

Appendix 8

Diff in propfem - Financial Institutions in Australia, Norway and Canada 0.35 0.3 0.25 0.2 0.15 0.1 0.05 0 -0.05 -0.1

Page 25

Appendix 9

Diff in propfem - Banks in Australia, Norway and Canada 0.25

0.2

0.15

0.1

0.05

-0.05

-0.1

Page 26

Appendix 10

Board members (F) AUSTRALIA AMP Patricia Akopiantz Catherine Brenner Nora Scheinkestel ANZ Paula Dwyer Alison Watkins BHP Billiton Carolyn Hewson Baroness Shriti Vadera Brambles Tahira Hassan Carolyn Kay CBA Jane Hemstritch Launa Inman Carolyn Kay CSL Ltd Christine O'Reilly Macquarie Diane J Grady Catherine B Livingstone Helen M Nugent NAB Patricia Cross Jillian S Segal Newcrest Lady Winifred Kamit Origin Karen A. Moses

Page 27

Helen M. Nugent QBE Belinda Hutchinson Isabel Hudson Irene Lee Rio Tinto Vivienne Cox Ann Godbehere Santos Jane Hemstritch Suncorp Ilana Atlas Audette Exel Telstra Nora L Scheinkestel Catherine B Livingstone Margaret Seale Westpac Gail Kelly Elizabeth Bryan Ann Pickard Westfield Illana R Atlas Judith Sloan

Wesfarmers Diane Smith-Gander Vanessa Wallace Jennifer Westacott Woolworths Jillian Broadbent Jayne Hrdlicka Christine Cross Woodside Petroleum Melinda A Cilento

Page 28

Non-duplicated Background

Patricia Akopiantz Senior management in consultancy, retail & consumer Catherine Brenner Executive roles (Managing Director) in investment banking Nora Scheinkestel Senior executive in banking Paula Dwyer Executive roles in financial services, accounting Alison Watkins Executive roles (CEO and director) in retail, agriculture, food manufacturing, financial services Carolyn Hewson Executive roles (Executive Director) in financial services Baroness Shriti Vadera Investment banking, Minister in British Government Tahira Hassan Executive roles (Senior Vice President) in Nestle Carolyn Kay Executive roles in financial services, law Jane Hemstritch Executive roles (Managing Director) in consulting, financial services Launa Inman Executive roles (Managing Director, CEO) in retail Christine O'Reilly Executive roles (CEO, Co-Head of Unlisted Infrastructure Investments) in insurance and energy Diane J Grady Executive roles (Partner) in consulting Catherine B Livingstone Executive roles (Managing Director, Chief Executive in Finance) in finance and accounting Helen M Nugent Executive roles (Partner, Director) in consulting Patricia Cross Senior executive roles and management in banking and finance Jillian S Segal Executive roles (Partner) in consulting, ASIC Commissioner Lady Winifred Kamit Executive roles (Senior Partner, Director) in financial services, law Karen A. Moses Executive roles (Chief Operating Officer, Executive Director) in finance, strategy Belinda Hutchinson Executive roles (Vice President) in banking Isabel Hudson Executive roles (CEO, Corporate Development Director) in insurance Irene Lee Senior roles in investment banking and funds management Vivienne Cox Executive roles (Executive Vice President, Chief Executive) at BP Ann Godbehere Executive roles (Chief Financial Officer, Executive Director) in insurance

Page 29

Ilana Atlas Executive roles (Group Executive, Managing Partner, Executive Partner) in financial services, law Audette Exel Executive roles (CEO, Managing Director) in financial services, consulting Margaret Seale Executive roles (CEO, Managing Director, President for Asia Development) in publishing Gail Kelly Executive roles (CEO) in banking Elizabeth Bryan Executive roles (Managing Director) in financial services, government policy and administration Ann Pickard Executive roles (Executive Vice President, Country Chair, Director) for Royal Dutch Shell Judith Sloan Professor, Honorary Professorial Fellow Diane Smith-Gander Executive roles (Partner, Head of Business & Tech Solutions) in financial services, consulting Vanessa Wallace Executive roles (Senior Partner) in consulting Jennifer Westacott Executive roles (Lead partner) in public policy, Chief Executive for Business Council of Australia Jillian Broadbent Executive roles in banking, insurance and Chancellor for University of Wollongong Jayne Hrdlicka Executive roles (CEO, Senior Partner) in airline industry, consulting Christine Cross Executive roles (Group Business Development Director) in international retail and consumer goods Executive roles (Head of Economics) in financial services and Deputy Chief Executive and Melinda A Cilento Chief Economist to Business Council of Australia Sarah Ryan Executive roles (Chief Operating Officer, Director) in financial services

Page 30

Appendix 11

AUSTRALIA (2013) - ASX 8. Mr D E Meiklejohn 9. Ms A M Watkins (F) - AMP Limited o Executive Management - Corporate Board 1. Michael Smith 1. Peter Mason (Chairman) 2. Graham Hodges 2. Craig Dunn (Chief Executive Ofﬁcer and Managing Director) 3. Alex Thursby 3. Patricia Akopiantz (F) 4. Susie Babani (F) 4. Richard Allert 5. Nigel Williams 5. Catherine Brenner (F) 6. David Hisco 6. Brian Clark 7. Shayne Elliot 7. Paul Fegan 8. Joyce Phillips (F) 8. John Palmer 9. Phil Chronican 9. Nora Scheinkestel - retiring (F) 10. Anne Weatherson (F) 10. Peter Shergold 11. Alistair Currie - Executive Management - BHP Billiton Ltd 1. Craig Dunn o Corporate Board 2. Lee Barnett 1. Jac Nasser 3. Stephen Dunne 2. Marius Kloppers - CEO 4. Jonathan Deane 3. Malcolm Broomhead 5. Darryl Mackay 4. Sir John Buchanan 6. Craig Meller 5. Carlos Cordeiro 7. Matthew Percival 6. David Crawford 8. Paul Sainsbury 7. Pat Davies 9. Brian Salter 8. Carolyn Hewson (F) 10. Colin Corrie 9. Lindsay Maxsted 11. Fiona Wardlaw (F) 10. Wayne Murdy - Australia and New Zealand Banking Group Limited 11. Keith Rumble o Corporate Board 12. John Schubert 1. Mr J P Morschel - Chairman 13. Baroness Shriti Vadera (F) 2. Mr M R P Smith - CEO o Executive Management 3. Dr G J Clark 1. Marius Kloppers - CEO 4. Ms P J Dwyer (F) 2. Alberto Calderon 5. Mr P A F Hay 3. Mike Henry 6. Mr H Y Lee 4. Graham Kerr 7. Mr I J Macfarlane 5. Andrew Mackenzie 6. Marcus Randolph 7. Karen Wood (F) Page 31

8. J Michael Yeager 7. Michael Harte - Brambles Ltd 8. Rob Jesudason o Corporate Board 9. Melanie Laing (F) 1. Doug Duncan 10. Grahame Petersen 2. Tony Froggatt 11. Ian Saines 3. Tom Gorman - CEO 12. Annabel Spring (F) 4. David Gosnell 13. Alden Toevs 5. Tahira Hassan (F) - CSL Ltd 6. Stephen Johns o Corporate Board 7. Carolyn Kay (F) 1. John Shine 8. Graham Kraehe 2. Brian McNamee 9. Luke Mayhew 3. John Akehurst 10. Brian Schwartz 4. David Anstice o Executive Management 5. Bruce Brook 1. Tom Gorman - CEO 6. Christine O'Reilly (F) 2. Zlatko Todorcevski - CFO 7. Ian Renard 3. Jean Holley (F) 8. Maurice Renshaw 4. Peter Mackie 9. Paul Perreault 5. Doug Pertz o Executive Committee 6. Karl Pohler 1. Brian McNamee 7. Jason Rabbino 2. Paul Perreault 8. Nick Smith 3. Gordon Naylor - Commonwealth Bank of Australia 4. Andrew Cuthbertson o Corporate Board 5. Mary Sontrop (F) 1. D J Turner 6. Ingolf Sieper 2. I M Narev 7. Karen Etchberger (F) 3. J A Anderson 8. Greg Boss 4. J S Hemstritch (F) 9. Edward Bailey 5. L K Inman (F) 10. Jill Lever (F) 6. S C H Kay (F) - Macquarie Group Ltd 7. B J Long o Corporate Board 8. A M Mohl 1. Kevin McCann 9. H H Young 2. Nicholas W Moore o Executive Committee 3. Michael J Coleman 1. Ian Narev 4. Diane J Grady (F) 2. Simon Blair 5. Michael J Hawker 3. Barbara Chapman (F) 6. Peter M Kirby 4. David Cohen 7. Catherine B Livingstone (F) 5. Matt Comyn 8. John R Niland 6. David Craig 9. Helen M Nugent (F) 10. Peter H Warne 11. Greg Ward Page 1

o Executive Committee 2. Greg Robinson 1. Nicholas Moore 3. Gerard Bond 2. Greg Ward 4. Vince Gauci 3. Stephen Allen 5. Lady Winifred Kamit (F) 4. Andrew Downe 6. Richard Knight 5. Tim Bishop 7. Richard Lee 6. Peter Maher 8. Tim Poole 7. Shemara Wikramanayake (F) 9. John Spark 8. Garry Farrell 10. Philip Aiken 9. Stevan Vrcelj o Executive Committee 10. Michael McLaughlin 1. Greg Robinson 11. Nicole Sorbara (F) 2. Gerard Bond - National Australia Bank Ltd 3. Greg Jackson o Corporate Board 4. Scott Langford 1. Michael Chaney - Chairman 5. Colin Moorhead 2. Cameron Clyne 6. Debra Stirling (F) 3. Patricia Cross (F) 7. Stephen Creese 4. Daniel T Gilbert 8. Peter Smith 5. Kenneth R Henry 9. Brett Fletcher 6. Mark Joiner 10. Andrew Logan 7. Paul J Rizzo 11. Lawrie Conway 8. Jillian S Segal (F) 12. Craig Jones 9. John G Thorn - Origin Energy Ltd 10. Geoffrey A Tomlinson o Corporate board 11. John Waller 1. H. Kevin McCann 12. Anthony K.T. Yuen 2. Grant A. King o Executive Committee 3. John H. Akehurst 1. Cameron Clyne 4. Bruce G. Beeren 2. Lisa Gray (F) 5. Bruce Morgan 3. Andrew Hagger 6. Gordon M. Cairns 4. Michaela Healey (F) 7. Karen A. Moses (F) 5. Joseph Healey 8. Helen M. Nugent (F) 6. Mark Joiner 9. Ralph J. Norris 7. Bruce Munro o Executive Committee 8. Rick Sawers 1. David Baldwin 9. Gavin Slater 2. Dennis Barnes 10. Andrew Thorburn 3. Frank Calabria - Newcrest Mining Ltd 4. Andrew Clarke o Corporate Board 5. Phil Craig 1. Don Mercer 6. Carl McCamish 7. Paul Zealand - QBE Insurance Group Ltd Page 2

o Corporate board 8. Debra Valentine (F) 1. Belinda Hutchinson - Chairman (F) - Santos Ltd 2. Duncan Boyle o Corporate Board 3. John Graf 1. Peter Roland Coates 4. John M Green 2. David John Wissler Knox 5. Isabel Hudson (F) 3. Kenneth Charles Borda 6. Irene Lee (F) 4. Kenneth Alfred Dean 7. John Neal 5. Roy Alexander Franklin OBE o Executive Committee 6. Richard Michael Harding 1. John Neal 7. Gregory John Walton Martin 2. Steven Burns 8. Jane Sharman Hemstritch (F) 3. Neil Drabsch 9. Hock Goh 4. David Duclos o Executive Committee 5. Colin Fagen 1. David Knox 6. David Fried 2. Andrew Seaton 7. Jenni Smith (F) 3. James Baulderstone 8. Jose Sojo 4. Peter Cleary 9. George Thwaites 5. Petrina Coventry (F) - Rio Tinto Ltd 6. Trevor Brown o Corporate board 7. Diana Hoff (F) 1. Sam Walsh 8. John Anderson 2. Jan du Plessis 9. Martyn Eames 3. Christopher Lynch 10. Rod Duke 4. Guy Elliott 11. Christian Paech 5. Robert Brown 12. David Lim 6. Vivienne Cox (F) - Suncorp Group Ltd 7. Michael Fitzpatrick o Corporate Board 8. Ann Godbehere (F) 1. Zygmunt Switkowski 9. Richard Goodmanson 2. Ilana Atlas (F) 10. Lord Kerr of Kinlochard 3. William Bartlett 11. Paul Tellier 4. Michael Cameron 12. John Varley 5. Audette Exel (F) o Executive Committee 6. Ewoud Kulk 1. Hugo Baque 7. Douglas McTaggart 2. Preston Chiaro 8. Geoffrey Ricketts 3. Jacynthe Cote (F) 9. Patrick Snowball 4. Alan Davies o Executive Committee 5. Andrew Harding 1. Anthony Day 6. Jean-Sebastian Jacques 2. Gary Dransfield 7. Harry Kenyon-Slaney 3. David Foster 4. Clayton Herbert 5. Mark Milliner Page 3

6. John Nesbitt 7. Robert Elstone 7. Amanda Revis (F) 8. Peter Hawkins 8. Jeff Smith 9. Ann Pickard (F) 9. Patrick Snowball o Executive Committee 10. Geoff Summerhayes 1. Gail Kelly (F) - Telstra Corporation Ltd 2. John Arthur o Corporate board 3. Peter Clare 1. Geoffrey A Cousins 4. Philip Coffey 2. John P Mullen 5. Brad Cooper 3. David I Thodey 6. George Frazis 4. Russell A Higgins 7. Brian Hartzer 5. Nora L Scheinkestel (F) 8. Christine Parker (F) 6. Steven M Vamos 9. Greg Targett 7. Catherine B Livingstone (F) 10. Rob Whitfield 8. Margaret Seale (F) 11. Jason Yetton 9. John D Zeglis - Westfield Group o Executive Committee o Corporate board 1. Gordon Ballantyne 1. Frank P Lowy 2. Timothy Y Chen 2. Brian M Schwartz 3. Damien Coleman 3. Peter Allen 4. Rick Ellis 4. Illana R Atlas (F) 5. Tracey Gavegan (F) 5. Roy L Furman 6. Paul Geason 6. Lord Goldsmith 7. Will Irving 7. Federick G Hllmer 8. Stuart Lee 8. Stephen P Johns 9. Kate McKenzie (F) 9. Mark R Johnson 10. Carmel Mulhern (F) 10. Peter S Lowy 11. Robert Nason 11. Steven M Lowy 12. Andrew Penn 12. John McFarlane 13. Brendon Riley 13. Judith Sloan (F) 14. Tony Warren o Executive Committee 15. Karsten Wildberger 1. Peter S Lowy - Westpac Banking Corporation 2. Steven M Lowy o Corporate board 3. Peter Allen 1. Lindsay Maxsted 4. Simon Tuxen 2. Gail Kelly (F) 5. Michael Gutman 3. John Curtis 6. Robert Jordan 4. Elizabeth Bryan (F) 7. Mark Bloom 5. Gordon Cairns 8. Elliot Rusanow 6. Ewen Crouch 9. Mark Ryan 10. Kevin McKenzie 11. David Temby Page 4

12. Maureen McGrath (F) 8. Jayne Hrdlicka (F) 13. Eamonn Cunningham 9. Michael Ullmer - Wesfarmers Ltd 10. Allan Douglas o Corporate Board 11. Christine Cross (F) 1. Bob Every o Executive Committee 2. Richard Goyder 1. Grant O'Brien 3. Terry Bowen 2. Tom Pockett 4. Paul Bassat 3. Tjeerd Jegen 5. Colin Carter 4. Julie Coates (F) 6. James Graham 5. Peter Horton 7. Tony Howarth 6. Steven Greentree 8. Charles Macek 7. Brad Banducci 9. Wayne Osborn 8. Penny Winn (F) 10. Diane Smith-Gander (F) 9. David Guise 11. Vanessa Wallace (F) 10. Kurt Kamp 12. Jennifer Westacott (F) - Woodside Petroleum Ltd o Executive Committee o Corporate board 1. Richard Goyder 1. Michael A Chaney 2. Terry Bowen 2. Peter J Coleman 3. Ben Lawren 3. Melinda A Cilento (F) 4. Paul Meadows 4. Robert J Cole 5. Tim Bult 5. Frank C Cooper 6. Alan Carpenter 6. Christopher M Haynes 7. Ian McLeod 7. Andrew Jamieson 8. John Gillam 8. David I McEvoy 9. Stuart Machin 9. Sarah Ryan (F) 10. Guy Russo o Executive Committee 11. Anthony Gianotti 1. Peter Coleman 12. Stewart Butel 2. Feisal Ahmed 13. Olivier Chretien 3. Rob Cole 14. Tom O'Leary 4. Robert Edwardes - Woolworths Ltd 5. Michael Hession o Corporate board 6. Peter Moore 1. Ralph Waters 7. Greg Roder 2. Grant O'Brien 8. Vince Santostefano 3. Sir Roderick Deane 9. Lawrie Tremaine 4. Tom Pockett 5. Jillian Broadbent (F) GERMANY (2010) – DEUTSCHE BORSEN AG 6. Ian Macfarlane http://topforeignstocks.com/2010/05/14/the-57-most-profitable-german-companies/ 7. John Astbury - E.ON o Corporate board Page 5

1. Werner Wenning 20. Werner Wenning 2. Baroness Denise Kingsmill (F) o Executive Committee 3. Ulrich Lehner 1. Jürgen Fitschen 4. Rene Obermann (F) 2. Anshu Jain 5. Karen de Segundo (F) 3. Stefan Krause 6. Theo Siegert 4. Stephan Leithner 7. Erhard Ott 5. Stuart Lewis 8. Gariele Gratz (F) 6. Rainer Neske 9. Eugen Gheorghe Luha 7. Henry Rutchotte 10. Klaus Dieter Raschke 8. Jacques Brand 11. Eberhard Schomburg 9. Gunit Chadha 12. Willem Vis 10. Alan Cloete o Executive Committee 11. Michele Faissola 1. Dr. Johannes Teyssen 12. Colin Fan 2. Jørgen Kildahl 13. David Folkerts-Landau 3. Dr. Bernhard Reutersberg 14. Colin Grassie 4. Dr. Marcus Schenck 15. Robert Rankin 5. Regine Stachelhaus (F) 16. Christian Ricken 6. Mike Winkel 17. Werner Steinmueller - Deutsche Bank 18. Richard Walker o Corporate board - Allianz 1. Paul Achleitner o Corporate board 2. Karin Ruck (F) 1. Helmut Perlet 3. Wolfgang Bohr 2. Wulf H. Bernotat 4. Karl-Gerhard Eick 3. Rolf Zimmermann 5. Katherine Garrett-Cox (F) 4. Dante Barban 6. Alfred Herling 5. Christine Bosse (F) 7. Henning Kagermann 6. Gabriele Burkhardt-Berg (F) 8. Marina Klee (F) 7. Jean-Jacques Cette 9. Suzanne Labarge (F) 8. Ira Gloe-Semler (F) 10. Peter Loscher 9. Franz Heiß 11. Henriette Mark (F) 10. Renate Kocher (F) 12. Gabriele Platscher (F) 11. Igor Landau 13. Rudolf Stockem 12. Peter Denis Sutherland 14. Johannes Teyssen o Executive Committee 15. Marlehn Thieme (F) 1. Michael Diekmann 16. Tilman Todenhofer 2. Oliver Bate 17. Klaus Rudiger Trutzschler 3. Manuel Bauer 18. Stefan Viertel 4. Gary C Bhojwani 19. Renate Voigt (F) 5. Clement B. Booth 6. Helga Jung (F) 7. Christof Mascher Page 6

8. Jay Ralph 8. Nicola Leibinger-Kammuller (F) 9. Dieter Wemmer 9. Gerd von Brandenstein 10. WernerZedelius 10. Gerard Mestrallet 11. Maximilian Zimmerer 11. Michael Diekmann - RWE Group 12. Guler Sabanci (F) o Corporate board 13. Hans Michael Gaul 1. Manfred Schneider 14. Peter Gruss 2. Frank Bsirske 15. Rainer Sieg 3. Wener Bischoff 16. Bettina Haller (F) 4. Reiner Bohle 17. Birgit Steinborn (F) 5. Werner Brandt 18. Hans-Jurgen Hartung 6. Dieter Faust 19. Sibylle Wankel (F) 7. Roger Graef 20. Wener Wenning 8. ARno Hahn o Executive Committee 9. Manfred Holz 1. Peter Löscher 10. E.H Hans-Peter Keitel 2. Roland Busch 11. Frithjof Kuhn 3. Brigitte Ederer (F) 12. Hans-Peter Lafos 4. Klaus Helmrich 13. Christine Merkamp (F) 5. Joe Kaeser 14. Dagmar Muhlenfeld (F) 6. Barbara Kux (F) 15. Dagmar Schmeer (F) 7. Hermann Requardt 16. Wolfgang Schussel 8. Siegfried Russwurm 17. Ekkehard D. Schulz 9. Peter Y. Solmssen 18. Ullrich Sierau 10. Michael Suess 19. Manfred Weber - SAP 20. Dieter Zetsche o Corporate board o Executive Committee 1. H.C. Mult. Hasso Plattner 1. Peter Terium 2. Christiane Kuntz-Mayr (F) 2. Rolf Martin Schmitz 3. Pekka Ala-Pietila 3. Bernhard Gunther 4. Panagiotis Bissiritsas 4. Uwe Tigges 5. Anja Feldmann (F) - Siemens 6. Wilhelm Haarmann o Corporate board 7. Margret Klein-Magar (F) 1. Gerhard Cromme 8. Lars Lamade 2. Berthold Huber 9. Bernard Liautaud 3. Robert Kensbock 10. H.C. Hartmut Mehdorn 4. Josef Ackermann 11. Kurt Reiner 5. harald Kern 12. Mario Rosa-Bian 6. Lothar Adler 13. Erhard Schipporeit 7. Jurgen Kerner 14. Stefan Schulz 15. Inga Wiele (F) 16. E.H Klaus Wucherer Page 7

o Executive Committee 10. Denise Schellemans (F) 1. Bill McDermott 11. Ralf Sikorski 2. Jim Hagemann Snabe 12. Michael Vassiliadis 3. Wener Brandt o Executive Committee 4. Lars Dalgaard 1. Harald Schwager 5. Luisa Deplazes Delgado (F) 2. Michael Heinz 6. Gerhard Oswald 3. Margret Suckale (F) 7. Vishal Sikka 4. Martin Brudermüller - HeidelbergCement 5. Kurt Bock o Corporate board 6. Andreas Kreimeyer 1. Fritz-Jürgen Heckmann 7. Hans-Ulrich Engel 2. Heinz Schmitt 8. Wayne T. Smith. 3. Robert Feiger - Bayer Group 4. Josef Heumann o Corporate board 5. Max Dietrich Kley 1. Werner Wenning 6. Hans Georg Kraut 2. Thomas de Win 7. Ludwig Merckle 3. Paul Achleitner 8. Tobias Merckle 4. Clemens Börsig 9. Alan Murray 5. André van Broich 10. Werner Schraeder 6. Thomas Ebeling 11. Frank-Dirk Steininger 7. Thomas Fischer 12. Marion Weissenberger-Eibl (F) 8. Peter Hausmann o Executive Committee 9. Reiner Hoffmann 1. Bernd Scheifele 10. Yüksel Karaaslan 2. Dominik von Achten 11. Klaus Kleinfeld 3. Daniel Gauthier 12. Petra Kronen (F) 4. Andreas Kern 13. Helmut Panke 5. Lorenz Näger 14. Sue H. Rataj (F) 6. Albert Scheuer 15. Petra Reinbold-Knape (F) - BASF 16. Michael Schmidt-Kiessling o Corporate board 17. Ekkehard D. Schulz 1. Eggert Voscherau 18. Klaus Sturany 2. Michael Diekmann 19. Ernst-Ludwig Winnacker 3. Robert Oswald 20. Oliver Zühlke 4. Ralf-Gerd Bastian 21. Hermann Josef Strenger 5. Wolfgang Daniel o Executive Committee 6. François Diederich 1. Marijn Dekkers 7. Franz Fehrenbach 2. Werner Baumann 8. Max Dietrich Kley 3. Michael König 9. Anke Schäferkordt (F) 4. Wolfgang Plischke 5. Richard Pott - K + S Page 8

o Corporate board 1. Helge Lund 1. Ralf Bethke 2. Lars Christian Bacher 2. Michael Vassiliadis 3. Oystein Michelsen 3. Ralf Becker 4. William Maloney 4. Jella S. Benner-Heinacher (F) 5. Eldar Saetre 5. George Cardona 6. Margareth Ovrum (F) 6. Harald Döll 7. Tim Dodson 7. Rainer Gerling 8. John Knight 8. Rainer Grohe 9. Torgrim Reitan 9. Karl Heidenreich - Telenor 10. Rüdiger Kienitz o Corporate board 11. Klaus Krüger 1. Svein Aaser 12. Dieter Kuhn 2. Liselott Kilaas (F) 13. Bernd Malmström 3. Hallvard Bakke 14. Rudolf Müller 4. Burckhard Bergmann 15. Eckart Sünner 5. Frank Dangeard o Executive Committee 6. Sally Davis (F) 1. Norbert Steiner 7. Dag J. Opedal 2. Gerd Grimmig 8. Barbara Milian Thoralfsson (F) 3. Burkhard Lohr 9. Bjørn Andre Anderssen 4. Thomas Nöcker 10. Brit Østby Fredriksen (F) 5. Mark Roberts 11. Harald Stavn o Executive Committee NORWAY (2010) – OSLO STOCK EXCHANGE 1. Jon Fredrik Baksaas http://topforeignstocks.com/2010/10/10/the-top-10-norwegian-companies-by-sales/ 2. Richard Olav Aa 3. Sigve Brekke - Statoil 4. Kjell-Morten Johnsen o Corporate board 5. Rolv-Erik Spilling 1. Svein Rennemo 6. Hilde M. Tonne (F) 2. Grace Reksten Skaugen (F) 7. Berit Svendsen (F) 3. Lady Barbara Judge (F) 8. Morten Karlsen Sørby 4. Bjorn Tore Godal 9. Jon Erik Haug 5. Roy Franklin - DnB NOR 6. Jakob Stausholm o Corporate board 7. Maria Johanna (Marjan) Oudeman (F) 1. Anne Carine Tanum (F) 8. Borge Brende 2. Tore Olaf Rimmereid 9. Morten Svaan 3. Jarle Bergo 10. Lill-Heidi Bakkerud (F) 4. Bente Brevik (F) 11. Einar Arne Iversen 5. Sverre Finstad o Executive Committee 6. Carl A. Løvik 7. Berit Svendsen (F) 8. Vigdis Mathisen (F) Page 9

9. Bente Hornsrud Espenes (F) o Corporate board 10. Jørn O. Kvilhaug 1. Bernt Reitan 11. Hans-Kristian Sætrum 2. Elisabeth Harstad (F) o Executive Committee 3. Hilde Merete Aasheim (F) 1. Rune Bjerke 4. Geir O. Sundbo 2. Bjørn Erik Næss 5. Juha Rantanen 3. Harald Serck-Hanssen 6. Rune Bratteberg 4. Kjestin Braathen (F) 7. Guro Mauset (F) 5. Trond Bentestuen o Executive Committee 6. Ottar Ertzeid 1. Jorgen Ole Haslestad 7. Tom Rathke 2. Egil Hogna 8. Kari Olrud Moen (F) 3. Gerd Lobbert 9. Liv Fiksdahl (F) 4. Yves Bonte 10. Solveig Hellebust (F) 5. Torgeir Kvidal 11. Trygve Young 6. Alvin Rosvoll 12. Leif Teksum 7. Bente G.H. Slaatten (F) 13. Thomas Midteide 8. Hakan Hallen - Norsk Hydro 9. Trygve Faksvaag o Corporate board - Orkla 1. Terje Vareberg o Corporate board 2. Inge K. Hansen 1. Stein Erik Hagen 3. Finn Jebsen 2. Jesper Ovesen 4. Victoire de Margerie (F) 3. Barbara M. Thoralfsson (F) 5. Dag Mejdell 4. Bjorg Ven (F) 6. Eva Persson (F) 5. Peter A. Ruzicka 7. Pedro Jose Rodrigues 6. Grace Reksten Skaugen (F) 8. Liv Monica Bargem Stubholt (F) 7. Jo Lunder 9. Billy Fredagsvik 8. Terje Utstrand 10. Sten Roar Martinsen 9. Gunn Liabo (F) 11. Ove Ellefsen 10. Sverre Josvanger o Executive Committee o Executive Committee 1. Svein Richard Brandtzæg 1. Age Korsvold 2. Eivind Kallevik 2. Atle Vidar Johansen 3. Hilde Merete Aasheim (F) 3. Stig Egbert Nilssen 4. Oliver Bell 4. Pal Eikeland 5. Hans-Joachim Kock 5. Paul Jordahl 6. Johnny Undeli 6. Goran Schultz 7. Arvid Moss 7. Terje Andersen 8. Wenche Agerup (F) 8. Marianne Romslo-Macarie (F) - Yara International 9. Karl Otto Tveter 10. Hakon Mageli 11. Ole Petter Wie Page 10

- Aker Solutions 6. Monica Caneman (F) o Corporate board 7. Ann-Mari Gjøstein (F) 1. Øyvind Eriksen 8. Knut Dyre Haug 2. Lone Fønss Schrøder (F) 9. Kirsti Valborgland (F) 3. Anne Drinkwater (F) o Executive Committee 4. Kjell Inge Røkke 1. Odd Arild Grefstad 5. Koosum Kalyan (F) 2. Lars Aa. Løddesøl 6. Stuart Ferguson 3. Heidi Skaaret (F) 7. Sarah Ryan (F) 4. Robin Kamark 8. Atle Teigland 5. Geir Holmgren 9. Åsmund Knutsen 6. Sarah McPhee (F) 10. Arild Håvik 7. Hans Aasnæs 11. Hilde Karlsen (F) 8. Gunnar Rogstad o Executive Committee 9. Truls Nergaard 1. Øyvind Eriksen - Fred. Olsen Energy 2. Leif Borge o Corporate board 3. Alan Brunnen 1. Anette S. Olsen (F) 4. Leif Haukom 2. Øivin Fjeldstad 5. Thor Arne Håverstad 3. Agnar Gravdal 6. Karl Erik Kjelstad 4. Cecilie B. Heuch (F) 7. Rolf Leknes 5. Jan Peter Valheim 8. Valborg Lundegaard (F) o Executive Committee 9. David Merle 1. Ivar Brandvold 10. Tom Munkejord 2. Hjalmar Krogseth Moe 11. Tore Sjursen 3. Joakim Kleppe 12. Niels Didrich Buch 4. Johan Finnestad 13. Åsmund Bøe 5. Per Johansson 14. Nicoletta Giadrossi (F) 6. Robert J Cooper 15. Sissel Lindland (F) - SpareBank 1 SR-Bank 16. Mark Riding o Corporate board 17. Luis Araujo 1. Kjell Olav Pettersen 18. Erik Wiik 2. Pål Andreas Pedersen 19. Per Harald Kongelf 3. Roar Dons - Storebrand 4. Sonja Djønne (F) o Corporate board 5. Anita Persen (F) 1. Birger Magnus 6. Ann-Christine Nybacka (F) 2. Halvor Stenstadvold 7. Greger Mannsverk 3. Birgitte Nielsen (F) 8. Vivi Ann Pedersen (F) 4. Jon Arnt Jacobsen o Executive Committee 5. John Straunsbjerg Dueholm 1. Jan-Frode Janson - CEO 2. Oddmund Åsen 3. Liv B. Ulriksen (F) Page 11

4. Geir Andreassen 2. Hugh J. Bolton 5. Rolf Eigil Bygdnes 3. John L. Bragg 6. Stig Arne Engen 4. Amy W. Brinkley (F) 7. Elisabeth Utheim (F) 5. W. Edmund Clark 6. Colleen A. Goggins (F) CANADA (2013) – TORONTO STOCK EXCHANGE 7. Henry H. Ketcham http://www.theglobeandmail.com/report-on-business/rob-magazine/top-1000/canadas-100-biggest- 8. Brian M. Levitt companies-by-market-cap/article636150/ 9. Harold H. MacKay 10. Karen E. Maidment (F) - Royal Bank of Canada 11. Irene R. Miller (F) o Corporate board 12. Nadir H. Mohamed 1. W. Geoffrey Beattie 13. Wilbur J. Prezzano 2. David F. Denison 14. Helen K. Sinclair (F) 3. Paule Gauthier (F) o Executive Committee 4. Richard L. George 1. Ed Clark 5. Timothy J. Hearn 2. Riaz Ahmed 6. Alice D. Laberge (F) 3. Norie Campbell (F) 7. Jacques Lamarre 4. Mark Chauvin 8. Brandt C. Louie 5. Teri Currie (F) 9. Michael H. McCain 6. Bob Dorrance 10. Heather Munroe-Blum (F) 7. Tim Hockey 11. Gordon M. Nixon 8. Colleen Johnston (F) 12. David P. O’Brien 9. Bharat Masrani 13. J. Pedro Reinhard 10. Frank McKenna 14. Edward Sonshine 11. Mike Pedersen 15. Kathleen P. Taylor (F) - Suncor Energy 16. Bridget A. van Kralingen (F) o Corporate board 17. Victor L. Young 1. John Ferguson o Executive Committee 2. Steve Williams 1. Gordon M. Nixon - CEO 3. Mel Benson 2. Morten N. Friis 4. Dominic D'Alessandro 3. Janice R. Fukakusa (F) 5. Doug Ford 4. Zabeen Hirji (F) 6. Paul Haseldonckx 5. M. George Lewis 7. John Huff 6. A. Douglas McGregor 8. Jacques Lamarre 7. David I. McKay 9. Maureen McCaw (F) 8. Mark A. Standish 10. Mike O'Brien - Toronto-Dominion Bank 11. James Simpson o Corporate board 12. Eira Thomas (F) 1. William E. Bennett o Executive Committee 1. Steve Williams - CEO 2. Eric Axford Page 12

3. Bart Demosky 16. Marianne Hasold-Schilter (F) 4. Paul Gardner 17. Jeffrey C. Heath 5. Boris Jackman 18. Robin S. Hibberd 6. François Langlois 19. Barbara Mason (F) 7. Mark Little 20. Sean D. McGuckin 8. Mike MacSween 21. Kim B. McKenzie (F) 9. Janice Odegaard (F) 22. James McPhedran 10. Steve Reynish 23. Anne Marie O'Donovan (F) 11. Kris Smith 24. Luc A. Vanneste - Bank of Nova Scotia 25. Troy Wright o Corporate board - Canadian Natural Resources 1. Ronald A. Brenneman o Corporate board 2. C.J. Chen 1. Catherine M. Best (F) 3. David A. Dodge, O.C. 2. N. Murray Edwards 4. N. Ashleigh Everett (F) 3. Tim W. Faithfull 5. John C. Kerr 4. Gary A. Filmon 6. John T. Mayberry 5. Christopher L. Fong 7. Thomas C. O'Neill 6. Gordon D. Giffin 8. Indira V. Samarasekera (F) 7. Wilfred A. Gobert 9. Susan L. Segal (F) 8. Steve W. Laut 10. Allan C. Shaw 9. Keith A. J. MacPhail 11. Paul D. Sobey 10. Frank J. McKenna 12. Barbara S. Thomas (F) 11. James S. Palmer 13. Richard E. Waugh 12. David A. Tuer o Executive Committee o Executive Committee 1. Rick Waugh - CEO 1. N. Murray Edwards 2. Brian J. Porter 2. John G. Langille 3. Sarabjit S. Marwah 3. Steve W. Laut 4. Sylvia D. Chrominska (F) 4. Tim S. McKay 5. Mike Durland 5. Douglas A. Proll 6. Christopher J. Hodgson 6. Corey B. Bieber 7. Dieter W. Jentsch 7. Réal M. Cusson 8. Stephen D. McDonald 8. Réal J.H. Doucet 9. Robert H. Pitfield 9. Peter J. Janson 10. Anatol von Hahn 10. Terry J. Jocksch 11. Deborah M. Alexander (F) 11. Allen M. Knight 12. Alberta G. Cefis (F) 12. Bill R. Peterson 13. Sue Graham Parker (F) 13. Scott G. Stauth 14. Wendy Hannam (F) 14. Lyle G. Stevens 15. Stephen P. Hart 15. Jeff W. Wilson 16. Mary-Jo E. Case (F) 17. Randall S. Davis Page 13

18. Jeffrey J. Bergeson 1. Howard L. Beck 19. Bryan Bradley 2. J. Brett Harvey 20. William R. Clapperton 3. Peter Munk 21. James F. Corson 4. C. William D. Birchall 22. Darren M. Fichter 5. Dambisa Moyo (F) 23. Allan E. Frankiw 6. Steven J. Shapiro 24. Douglas A.C. Gardner 7. Donald J. Carty 25. Dean W. Halewich 8. Brian Mulroney 26. Tim J. Hamilton 9. Jamie C. Sokalsky 27. Murray G. Harris 10. Gustavo A. Cisneros 28. David B. Holt 11. Anthony Munk 29. John A. Howard 12. John L. Thornton 30. Pamela A. Jones (F) 13. Robert M. Franklin 31. Philip A. Keele o Executive Committee 32. Kevin Kowbel 1. Peter Munk 33. Ron K. Laing 2. Jamie C. Sokalsky 34. Casey D. McWhan 3. Kelvin Dushnisky 35. Paul M. Mendes 4. Igor Gonzales 36. León Miura 5. Ammar Al-Joundi 37. S. John Parr 6. Sybil Veenman (F) 38. David A. Payne 7. Don Ritz 39. David W. Reed 8. Rob Krcmarov 40. Timothy G. Reed 9. Rick McCreary 41. Joy P. Romero (F) 10. Ivan Mullany 42. Sheldon L. Schroeder - Potash Corporation of Saskatchewan 43. Ken W. Stagg o Corporate board 44. Steve C. Suche 1. Christopher M. Burley 45. Domenic Torriero 2. Donald G. Chynoweth 46. Grant M. Williams 3. Daniel Clauw 47. Daryl G. Youck 4. William J. Doyle 48. Lynn M. Zeidler (F) 5. John W. Estey 49. Bruce E. McGrath 6. Gerald W. Grandey 50. James A. Edens 7. C. Steven Hoffman 51. W. David R. Bell 8. Dallas J. Howe 52. Barry Duncan 9. Alice D. Laberge (F) 53. David M. Haywood 10. Keith G. Martell 54. Andrew M. McBoyle 11. Jeffrey J. McCaig 55. David B. Whitehouse 12. Mary Mogford (F) - Barrick Gold 13. Elena Viyella De Paliza (F) o Corporate board o Executive Committee 1. William J. Doyle 2. Wayne R. Brownlee Page 14

3. G. David Delaney o Executive Committee 4. Stephen F. Dowdle 1. Charles A. Jeannes 5. Brent E. Heimann 2. George R. Burns 6. Michael T. Hogan 3. Lindsay Hall 7. Joseph A. Podwika 4. Timo Jauristo 8. Robert A. Jaspar 5. Charlene Ripley (F) 9. Daphne J. Arnason (F) 6. Chris Woodall 10. Denis A. Sirois 7. Horacio Bruna 11. Denita C. Stann (F) 8. Eduardo Villacorta 12. Lee M. Knafelc 9. Maryse Belanger (F) 13. Mark F. Fracchia 10. Barry Olson 14. Darryl S. Stann 11. Charlie Ronkos - Imperial Oil 12. Colette Rustad (F) o Corporate board 13. Paul Farrow 1. David S. Sutherland 14. Brent Bergeron 2. Sheelagh D. Whittaker (F) 15. Anna M. Tudela (F) 3. Bruce H. March - Bank of Montreal 4. Jack M. Mintz o Corporate board 5. Victor L. Young 1. J. Robert S. Prichard 6. Krystyna T. Hoeg (F) 2. William A. Downe 7. Robert C. Olsen 3. Robert M. Astley o Executive committee 4. Jan Babiak (F) 1. Rich Kruger 5. Sophie Brochu (F) 2. T.G. (Glenn) Scott 6. George A. Cope 3. Paul Masschelin 7. Christine Edwards (F) 4. Brian Livingston 8. Ronald H. Farmer 5. David Bailey 9. Eric R. La Flèche - Goldcorp Inc. 10. Bruce H. Mitchell o Corporate board 11. Philip S. Orsino 1. Randy Reifel 12. Dr. Martha C. Piper (F) 2. John Bell 13. Don M. Wilson III 3. Ken Williamson o Executive Committee 4. Blanca Treviño de Vega (F) 1. William Downe 5. Doug Holtby 2. Jean-Michel Arès 6. Ian Telfer 3. Ann Benschoter (F) 7. Chuck Jeannes 4. Ellen M. Costello (F) 8. Bev Briscoe (F) 5. Simon A. Fish 9. Peter Dey 6. Thomas E. Flynn 10. Dan Rovig 7. Surjit Rajpal 11. Larry Bell. 8. Cameron Fowler 9. Mark F. Furlong 10. Kevin G. Lynch Page 15

11. Thomas V. Milroy 6. Robert A. Iger 12. Gilles G. Ouellette 7. Andrea Jung (F) 13. Rose M. Patten (F) 8. Ronald D. Sugar 14. Russel C. Robertson o Executive Committee 15. Joanna Rotenberg (F) 1. Tim Cook 16. Richard Rudderham 2. Eddy Cue 17. Connie Stefankiewicz (F) 3. Craig Federighi 18. Douglas B. Stotz 4. Jonathan Ive 19. Frank Techar 5. Bob Mansfield 20. Eric C. Tripp 6. Peter Oppenheimer 7. Dan Riccio UNITED STATES (2013) – NASDAQ and NYSE 8. Philip W. Schiller http://www.iweblists.com/us/commerce/MarketCapitalization.html 9. Bruce Sewell 10. Jeff Williams - Exxon Mobil Corp. - Berkshire Hathaway Inc o Corporate Board o Corporate Board 1. Michael J. Boskin 1. Warren E. Buffett 2. Peter Brabeck-Letmathe 2. Meryl B. Witmer (F) 3. Ursula M. Burns (F) 3. Thomas S. Murphy 4. Larry R. Faulkner 4. Howard Graham Buffett 5. Jay S. Fishman 5. Charlotte M. Guyman (F) 6. Henrietta H. Fore (F) 6. Ronald L. Olson 7. Kenneth C. Frazier 7. Susan L. Decker (F) 8. William W. George 8. David S. Gottesman 9. Samuel J. Palmisano 9. Walter Scott 10. Steven S Reinemund 10. Don R. Keough 11. Rex W. Tillerson 11. Charles Thomas Munger 12. Edward E. Whitacre, Jr. 12. Stephen B. Burke o Executive Committee 13. Bill H. Gates 1. Rex W. Tillerson o Executive Committee 2. Michael J. Dolan 1. Warren E. Buffett 3. Mark W. Albers 2. Marc D. Hamburg 4. Andrew P. Swiger 3. Todd A. Combs - Apple Inc 4. R. Ted Weschler o Corporate Board 5. Sharon L. Heck (F) 1. Arthur D. Levinson 6. Kerby S. Ham 2. William V. Campbell 7. Daniel J. Jaksich 3. Tim Cook 8. Rebecca K. Amick (F) 4. Millard S. Drexler 9. Forrest Nathan Krutter 5. Albert A. Gore Jr. - Wal-Mark Stores Inc o Corporate Board 1. Rob Walton Page 16

2. James W. Breyer 24. Brett Biggs 3. James I. Cash, Jr. 25. M. Susan Chambers (F) 4. Douglas N. Daft 26. Leslie A. Dach 5. Timothy P. Flynn 27. Jeff Davis 6. Gregory B. Penner 28. Jeffrey J. Gearhart 7. H. Lee Scott, Jr. 29. Charles M. Holley, Jr. 8. Jim C. Walton 30. Duncan Mac Naughton 9. Linda S. Wolf (F) 31. Kristin Oliver (F) 10. Aida M. Alvarez (F) 32. Scott Price 11. M. Michele Burns (F) 33. Charles Redfield 12. Roger C. Corbett 34. Gisel Ruiz (F) 13. Mike Duke 35. Cathy Smith (F) 14. Marissa A. Mayer (F) 36. Karenann Terrell (F) 15. Steven S Reinemund 37. Steven P. Whaley 16. Arne M. Sorenson - Google inc 17. Christopher J. Williams o Corporate Board o Executive Committee 1. Larry Page 1. Mike Duke 2. Sergey Brin 2. Doug McMillon 3. Eric E. Schmidt 3. Neil M. Ashe 4. L. John Doerr 4. Joel D. Anderson 5. Diane B. Greene (F) 5. Michael J. Bender 6. John L. Hennessy 6. Steve Bratspies 7. Ann Mather (F) 7. David Cheesewright 8. Paul S. Otellini 8. Cindy Davis (F) 9. K. Ram Shriram 9. Rollin L. Ford 10. Shirley M. Tilghman (F) 10. P. Todd Harbaugh o Executive Committee 11. Pamela K. Kohn (F) 1. Larry Page 12. Michael S. Moore 2. Eric E. Schmidt 13. Enrique Ostalé 3. Sergey Brin 14. Stephen F. Quinn 4. Nikesh Arora 15. Karen Roberts (F) 5. David C. Drummond 16. Jack L. Sinclair 6. Patrick Pichette 17. Chris Sultemeier 7. Alan Eustace 18. Joaquín González Varela 8. Amit Singhal 19. Tim Yatsko 9. Andy Rubin 20. Bill Simon 10. Dennis Woodside 21. Rosalind G. Brewer (F) 11. Jeff Huber 22. John Aden 12. Kent Walker 23. Andy Barron 13. Laszlo Bock 14. Rachel Whetstone (F) 15. Salar Kamangar Page 17

16. Shona Brown (F) 5. Marijn E. Dekkers 17. Sridhar Ramaswamy 6. Ann M. Fudge (F) 18. Sundar Pichai 7. Susan M. Hockfield (F) 19. Susan Wojcicki (F) 8. Jeffrey R. Immelt 20. Urs Hoelzle 9. Andrea Jung (F) 21. Vic Gundotra 10. Alan G. (A.G.) Lafley - Microsoft Corporation 11. Robert W. Lane o Corporate Board 12. Ralph S. Larsen 1. Steve Ballmer 13. Rochelle B. Lazarus (F) 2. Dina Dublon (F) 14. James J. Mulva 3. Bill Gates 15. Sam Nunn 4. Maria M. Klawe 16. Roger S. Penske 5. Stephen J. Luczo 17. Robert J. Swieringa 6. David F. Marquardt 18. James S. Tisch 7. Charles H. Noski 19. Douglas A. Warner III 8. Dr. Helmut Panke o Executive Committee 9. John W. Thompson 1. Jeffrey R. Immelt o Executive Committee 2. Ferdinando “Nani” Beccalli-Falco 1. Steven Ballmer 3. Kathryn A. Cassidy (F) 2. Tony Bates 4. Beth Comstock (F) 3. Lisa Brummel (F) 5. Matthew G. Cribbins 4. Kurt DelBene 6. Brackett B. Denniston III 5. Peter Klein 7. Shane Fitzsimons 6. Julie Larson-Green (F) 8. John L. Flannery 7. Qi Lu 9. Mark M. Little 8. Don Mattrick 10. John F. Lynch 9. Craig Mundie 11. Puneet Mahajan 10. Terry Myerson 12. Jamie S. Miller (F) 11. Satya Nadella 13. Michael A. Neal 12. Tami Reller (F) 14. Susan P. Peters (F) 13. Eric Rudder 15. John G. Rice 14. Brad Smith 16. Trevor A. Schauenberg 15. Kirill Tatarinov 17. Keith S. Sherin 16. B. Kevin Turner 18. Brian Worrell - General Electric Co 19. Mark W. Begor o Corporate Board 20. Charles (Chip) Blankenship, Jr 1. W. Geoffrey Beattie 21. Steve Bolze 2. John J. Brennan 22. Jeffrey S. Bornstein 3. James I. Cash, Jr. 23. Lynn Calpeter (F) 4. Francisco D’Souza 24. William H. Cary 25. John Dineen 26. Tom Gentile Page 18

27. Daniel C. Heintzelman 5. David N. Farr 28. Dan Henson 6. Shirley Ann Jackson (F) 29. Mark Hutchinson 7. Andrew N. Liveris 30. Jay Ireland 8. W. James McNerney 31. Daniel Janki 9. James W. Owens 32. David L. Joyce 10. Virginia M. Rometty (F) 33. Margaret M. Keane (F) 11. Joan E. Spero (F) 34. Richard A. Laxer 12. Sidney Taurel 35. Lorenzo Simonelli 13. Lorenzo H. Zambrano 36. Richard L. Stanley o Executive Committee 37. Dmitri Stockton 1. Virginia M. Rometty (F) 38. Maryrose Sylvester (F) 2. Rodney C. Adkins - Johnson & Johnson 3. Colleen Arnold (F) o Corporate Board 4. James P. Bramante 1. Alex Gorsky 5. Michelle H. Browdy (F) 2. Mary Sue Coleman (F) 6. Erich Clementi 3. James G. Cullen 7. Robert F. Del Bene 4. Ian E. L. Davis 8. Bruno V. Di Leo 5. Michael M.E. Johns 9. Jon C. Iwata 6. Susan L. Lindquist (F) 10. James J. Kavanaugh 7. Anne M. Mulcahy (F) 11. John E. Kelly, III 8. Leo F. Mullin 12. Robert LeBlanc 9. William D. Perez 13. Mark Loughridge 10. Charles Prince 14. J. Randall MacDonald 11. David Satcher 15. Steven A. Mills 12. A. Eugene Washington 16. Michael D. Rhodin 13. Ronald A. Williams 17. Linda S. Sanford (F) o Executive Committee 18. Timothy S. Shaughnessy 1. Dominic J. Caruso 19. Bridget A. van Kralingen (F) 2. Peter M. Fasolo 20. Robert C. Weber 3. Alex Gorsky - Chevron Corporation 4. Sandra E. Peterson (F) o Corporate Board 5. Paulus Stoffels 1. John S. Watson 6. Michael H. Ullmann 2. Linnet F. Deily (F) - International Business Machines Corp 3. Enrique Hernandez Jr. o Corporate Board 4. John G. Stumpf 1. Alain J. P. Belda 5. George L. Kirkland 2. William R. Brody 6. Robert E. Denham 3. Kenneth I. Chenault 7. Charles W. Moorman 4. Michael L. Eskew 8. Ronald D. Sugar 9. Alice P. Gast (F) 10. Kevin W. Sharer Page 19

11. Carl Ware 14. Michiel Brandjes o Executive Committee o Executive Committee 1. John S. Watson 1. Peter Voser 2. Lydia I. Beebe (F) 2. Simon Henry 3. Matthew J. Foehr 3. Ben van Beurden 4. Joe W. Laymon 4. Matthias Bichsel 5. John W. McDonald 5. Andrew Brown 6. C.A. "Chuck" Taylor 6. Hugh Mitchell 7. Rhonda I. Zygocki (F) 7. Marvin Odum 8. George L. Kirkland 8. Peter Rees QC 9. Paul Bennett - HSBC Holdings 10. Joseph C. Geagea o Corporate board 11. Wesley E. Lohec 1. Douglas Flint 12. R. Hewitt Pate 2. Stuart Gulliver 13. Michael K. Wirth 3. Iain Mackay 14. James R. Blackwell 4. Safra Catz (F) 15. Stephen W. Green 5. Laura Cha (F) 16. C.N. "Sandy" Macfarlane 6. Marvin Cheung 17. Jay R. Pryor 7. James Comey 18. Patricia E. Yarrington (F) 8. John Coombe 9. Joachim Faber UNITED KINGDOMS (2011) – LONDON STOCK EXCHANGE 10. Rona Fairhead (F) http://www.telegraph.co.uk/finance/markets/8371481/Top-ten-most-valuable-companies-in-the- 11. Renato Fassbind FTSE-100-in-pictures.html 12. James Hughes-Hallett 13. Sam Laidlaw - Royal Dutch Shell 14. John Lipsky o Corporate board 15. Rachel Lomax (F) 1. Jorma Ollila 16. Simon Robertson 2. Hans Wijers 17. John Thornton 3. Peter Voser 18. David Shaw 4. Simon Henry 19. Ralph Barber 5. Josef Ackermann o Executive Committee 6. Guy Elliott 1. Ann Almeida (F) 7. Charles O. Holliday 2. Smir Assaf 8. Gerard Kleisterlee 3. Irene Dorner (F) 9. Christine Morin-Postel (F) 4. John Flint 10. Sir Nigel Sheinwald 5. Pam Kaur (F) 11. Linda G. Stuntz (F) 6. Alan Keir 12. Jeroen van der Veer 7. Stuart Levey 13. Gerrit Zalm 8. Antonia Losada 9. Marc Moses 10. Sean Sullivan Page 20

11. Brian Robertson 9. George David 12. Peter Wong 10. Ian Davis - Vodafone Group 11. Ann Dowling (F) o Corporate board 12. Brendan Nelson 1. Gerard Kleisterlee 13. Phuthuma Nhleko 2. Vittorio Colao 14. Andrew Shilston 3. Andy Halford o Executive Committee 4. Renee James (F) 1. Bob Dudley 5. Alan Jebson 2. Rupert Bondy 6. Samuel Jonah 3. Iain Conn 7. Omid Kordestani 4. Mike Daly 8. Nick Land 5. Bob Fryar 9. Anne Lauvergeon (F) 6. Brian Gilvary 10. Stephen Pusey 7. Andy Hopwood 11. Luc Vandevelde 8. Bernard Looney 12. Anthony Watson 9. Lamar McKay 13. Philip Yea 10. Dev Sanyal o Executive Committee 11. Helmut Schuster 1. Vittorio Colao - Rio Tinto 2. Andy Halford - GlaxoSmithKline 3. Stephen Pusey o Corporate board 4. Paolo Bertoluzzo 1. Christopher Gent 5. Warren Finegold 2. Andrew Witty 6. Philipp Humm 3. Roy Anderson 7. Nick Jeffery 4. Stephanie Burns (F) 8. Matthew Kirk 5. Stacey Cartwright (F) 9. Morten Lundal 6. Crispin Davis 10. Rosemary Martin (F) 7. Simon Dingemans 11. Nick Read 8. Lynn Elsenhans (F) 12. Ronald Schellekens 9. Judy Lewent (F) - BP 10. Deryck Maughan o Corporate board 11. Daniel Podolsky 1. Carl-Henric Svanberg 12. Moncef Slaoui 2. Bob Dudley 13. Tom de Swaan 3. Iain Conn 14. Jing Ulrich (F) 4. Brian Gilvary 15. Hans Wijers 5. Paul Anderson 16. Robert Wilson 6. Frank Bowman o Executive Committee 7. Antony Burgmans 1. Andrew Witty 8. Cynthia Carroll (F) 2. Simon Bicknell 3. Deirdre Connelly (F) 4. Roger Connor Page 21

5. Simon Dingemans 15. Jan Zijderveld 6. Abbas Hussain 16. Lysanne Gray 7. Bill Louv 17. Tonia Lovell 8. David Redfern 18. Charles Nichols 9. Moncef Slaoui - British American Tobacco 10. Claire Thomas (F) o Corporate board 11. Phil Thomson 1. Richard Burrows 12. Dan Troy 2. Nicandro Durante 13. Patrick Vallance 3. Ben Stevens 14. Emma Walmsley (F) 4. John Daly 15. Christophe Weber 5. Ann Godbehere (F) - Unilever 6. Christine Morin-Postel (F) o Corporate board 7. Gerard Murphy 1. Michael Treschow 8. Kieran Poynter 2. Louise Fresco (F) 9. Anthony Ruys 3. Ann Fudge (F) 10. Karen de Segundo (F) 4. Charles Golden 11. Richard Tubb 5. Byron Grote o Executive Committee 6. Sunil Bharti Mittal 1. Jack Bowles 7. Hixonia Nyasulu (F) 2. Alan Davy 8. Malcolm Rifkind 3. Giovanni Giordano 9. Kees Storm 4. Andrew Gray 10. Paul Walsh 5. Jean-Marc Lévy 11. Paul Polman 6. Des Naughton 12. Jean-Marc Huet 7. Ricardo Oberlander o Executive Committee 8. David O’Reilly 1. Paul Polman 9. Naresh Sethi 2. Jean-Marc Huët 10. Kingsley Wheaton 3. Douglas Baillie 11. Neil Withington 4. Geneviève Berger (F) - BG Group 5. David Blanchard o Corporate board 6. Kevin Havelock 1. Andrew Gould 7. Alan Jope 2. Martin Houston 8. Kees Kruythoff 3. Peter Backhouse 9. Dave Lewis 4. Lim Haw-Kuang 10. Harish Manwani 5. Dr John Hood 11. Antoine de Saint-Affrique 6. Sir David Manning 12. Pier Luigi Sigismondi 7. Patrick Thomas 13. Ritva Sotamaa (F) 8. Chris Finlayson 14. Keith Weed 9. Den Jones 10. Vivienne Cox (F) 11. Baroness Hogg (F) Page 22

12. Caio Koch-Weser 13. Mark Seligman o Executive Committee 1. Chris Finlayson 2. Den Jones 3. Malcolm Brown 4. John Grant 5. Matt Schatzman 6. Steve Allen 7. Martin Houston 8. Robert Booker 9. Chris Cox 10. Sami Iskander 11. Graham Vinter - BHP Billiton

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